The "I cannot afford 1 BTC"-Problem - page 6.

AK47-

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Quote from: Redaxo on July 21, 2017, 07:52:05 AM

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

This would be horrible option. Bitcoin price is set to rise with time and there is no downside to that rather it make it more lucrative as an investment. There would only be 21 million bitcoins in circulation. That means possibility of people holding a whole bitcoin is only 0.3% of worlds population. Here comes an interesting part. In not more than 5 years I think People will love to hold 1 whole bitcoin specially the top 1%. Think how much people will be willing to pay for it. So instead of thinking about the high price think this way and insead of buying a whole bitcoin buy in parts and make a whole bitcoin. Bitcoin will skyrocket. Make your friends understand this.

eli77

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AltCom: ALBy5gkznL2RyJz7oyALSDJ3yekzxyP7P4

Don't be sad If you cannot afford 1 BTC. You are not alone.
We buy Bitcoins to buy other crypto coins with lower exchange rate hoping to give us more high returns when those coins will get higher. Bitcoin is very useful as a mode of payment. Thanks.

bitdigger2013

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Bitcoin is still cheap until you reach to 2018 Q1. If you have missed the train to BTC then probably there are still buses like LTC and XMR which could take you to Dreamland.

Minecache

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Vave.com - Crypto Casino

Quote from: Redaxo on July 21, 2017, 07:52:05 AM

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

Ask your friends if they want to be 1 of the 21 million newly minted millionaires or if they are happy flipping burgers till they retire. 1 months hard work and saving will bag you 1 BTC or 20 ETH.

nizamcc

legendary

Activity: 1218

Merit: 1007

While you introduce it to your friends, the best thing you can do to catch their interest in it could be the price rise itself, that how it started from less than a cent and is taking over the world currently with its price tag of more than $2500. Why do you think it could become a barrier here while you can put it in front of them as a positive as well as beneficial state-of-the-art comment and ask them to get in while they can still as many big businessmen have stated that the value could go to more than 5000 later this year.

jtipt

hero member

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Merit: 529

Quote from: Kprawn on July 21, 2017, 08:12:12 AM

We should all wear T-shirts saying things like, " Just 1 Satoshi at a time to my first Bitcoin " or "Bitcoin has small babies and they

are called Satoshi's " ..... or something similar to educate people. I have the same problem and once I explained this to people,

they dive right in. Once they bought their first few Satoshi's... they figure it out and they start buying more. Grin

Eh no this might not work, realistically a random stranger is not going to get interested in bitcoin by just reading your T-shirt quote. The only solution is to explain people properly that 1 BTC is just a larger unit of bitcoin can they can very easily but smaller amounts in Satoshi or mBTC.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: Redaxo on July 21, 2017, 07:52:05 AM

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

They are thinking about it wrong. I assume you want your friends to invest in BTC. So a good way to start it is to think of how much they can afford to invest in fiat. The amount of BTC does not matter.

hilariousetc

legendary

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Join the world-leading crypto sportsbook NOW!

I would just explain the benefits and potential of bitcoin to them and tell them that you don't even need to own a whole bitcoin. People just need to get over their own psychological barriers cos maybe someday they will be kicking themselves for not buying in when bitcoin was at 2k and then asking is 0.1btc unaffordable now. If people can truly see the potential of bitcoin then then value of bitcoin today could be peanuts in comparison to the future price but that's something people are going to have to make their own mind up about but you're never going to get anywhere in business or finance if you don't take the risk on some investments at least. You've just got to decide whether bitcoin is going to be one of them.

Gintama214

sr. member

Activity: 462

Merit: 250

DONATION SENPAI PLEASE <3 <3

There are already small coins that are available and those are called mBTC, Satoshi, and BITS. You can earn them by doing trades, captchas, and other stuffs to earn them but if you want to convince them to buy coins you can tell that if you just buy worth of $20 of coins its value or price of BTC will soon increase and also they can just earn by doing campaigns, watching videos, and or doing surveys there are a lots of ways to earn bitcoin if they don't want to invest or buy. Also, let them see a chart of the increasing rate of bitcoin over time and if they still have many excuses and other stuffs to neglect, there is nothing we can do about it. You can't force people who are not interested on something and let them convince something that they don't like. You did your best to explain in your part and if they are truly interested they will come back to you and asks for help but if they don't just leave them alone and just keep earning. Someday just prove to them that you are earning something through bitcoin. Wink

Emoclaw

sr. member

Activity: 420

Merit: 251

Quote from: Redaxo on July 21, 2017, 07:52:05 AM

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

mBTC and other fractions have already been "introduced" and you can use that instead of BTC.
Perhaps it's linguistically easier to say bits than anything else though. 1 bit = 1uBTC = 0.000001 BTC.

grermezter

sr. member

Activity: 434

Merit: 250

Quote from: Redaxo on July 21, 2017, 07:52:05 AM

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

The best time to buy bitcoins was this past weekend when prices was driven to such an extremely low that investors were panicking, what a difference that a week makes now its soaring again. They can buy in small quantities if they cant afford to buy 1 BTC in just a single purchase, I am certain that their purchase will be rewarded in due time.

Kprawn

legendary

Activity: 1904

Merit: 1074

We should all wear T-shirts saying things like, " Just 1 Satoshi at a time to my first Bitcoin " or "Bitcoin has small babies and they

are called Satoshi's " ..... or something similar to educate people. I have the same problem and once I explained this to people,

they dive right in. Once they bought their first few Satoshi's... they figure it out and they start buying more. Grin

Red-Apple

hero member

Activity: 1470

Merit: 655

mBTC, uBTC, BITS, Satoshi, and a whole lot of other stuff already exist. you can read more about it here: https://en.bitcoin.it/wiki/Units

and most wallets already have the option to switch between these popular units that i named so you can see what you are most comfortable with.

L

full member

Activity: 182

Merit: 100

There are no plans to do such a thing.

21 million bitcoins and that's it!

Redaxo

member

Activity: 74

Merit: 10

Hi everyone,

I have a question concerning the current high value of a BTC. I talk a lot with friends who don't know much about BTC and try to convince them to buy some too.

When I tell them about it, the same question which always comes up is:

"But since it is so expensive (2000-3000$), how can I afford 1 BTC?"

I always tell them that it is possible to buy 0.5 BTC or even 0.001 BTC. But I think this is a major problem which gets worse with the price rising even higher.

So here is my question:

Are there any plans on changing BTC to make it "look more affordable"? Perhaps introduce something like mBTC (worth 0.001 BTC / 1 BTC = 1000 mBTC) so that people have a better feeling buying something, which is not a number behind a zero (e.g. 0.025).

I don't want it to become something like a "discount looking currency". But it's a psychological problem, that people don't like to buy only a part of something or (as in this case) often don't know that they can buy less than 1 BTC.

To say "Well, the people who don't know better shouldn't buy anyway" seems to be the wrong approach on the way to mass adaption.

Topic: The "I cannot afford 1 BTC"-Problem - page 6. (Read 3588 times)